KrisD15
Expert Alumni

Get your taxes done using TurboTax

Are you sure you overpaid?

 

All employers pay those taxes the last day of the month following the end of the quarter. 

So if the repayment was made before January 31 2024, your employer may have had time to adjust the FICA for the repayment.  

 

Look at your paystubs after you made the repayment to see if those taxes were reduced. 

 

I would not expect to see an adjustment or credit in Boxes 4 and 6, they should just report the correct amount your employer withheld.

 

Enter the W-2 to see if the program alerts you to over paying Social Security. (If yes, then you do file Form 843)

Since you say they corrected the income, multiply Box 3 by .062 and that should be the tax withheld in box 4.

Multiply box 7 by .0145, that amount should be in box 6. If your income is over 200,000 for the year, add another .9% Medicare tax for the income over 200,000. 

 

In other words, lets say they had withheld 2,295 FICA for the 30,000 bonus, then you earned another 30,000 after that. Your employer might have stopped withholding tax after the repayment until you were caught up. 

Let's say you only earned 15,000 after repayment, maybe they INCLUDED 1,147.50 in your paycheck but did not include it as income since you were already taxed (FEDERAL) on it. 

Since the repayment was made the same year before you left, the employer would not hand you a check for the FICA on that bonus, they would reconcile it all on your final paycheck. 

 

 

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